South Korea plans fuel price cap amid Middle East tensions
South Korean President Lee Jae Myung has called for urgent measures to cap domestic fuel prices and implement preemptive economic actions in response to rising oil costs and market volatility caused by escalating tensions in the Middle East.
During an interministerial meeting, Lee stressed the importance of preparing for worst-case scenarios amid US-Israel military strikes on Iran and Tehran’s retaliatory attacks. The ongoing crisis has pushed Brent crude oil prices above $100 per barrel and heightened uncertainty in both domestic and global economic conditions, putting significant pressure on South Korea’s trade-dependent economy.
President Lee also highlighted the need for financial stability measures and alternative energy routes to mitigate risks from potential disruptions in global energy supplies, particularly through the Strait of Hormuz. Authorities may expand a 100 trillion-won ($66.8 billion) market stabilization program if needed.
Lee emphasized that swift, coordinated actions between the government, the Bank of Korea, and strategic international partners are essential to manage the economic impact of the crisis.
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